Werlinich Asset Management LLC Sells 2,910 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Werlinich Asset Management LLC reduced its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGXFree Report) by 42.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,905 shares of the medical research company’s stock after selling 2,910 shares during the period. Werlinich Asset Management LLC’s holdings in Quest Diagnostics were worth $512,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DGX. Norges Bank purchased a new stake in Quest Diagnostics during the fourth quarter valued at approximately $140,472,000. Nuance Investments LLC purchased a new stake in Quest Diagnostics during the fourth quarter valued at approximately $83,070,000. JPMorgan Chase & Co. increased its holdings in Quest Diagnostics by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 2,001,347 shares of the medical research company’s stock valued at $243,884,000 after buying an additional 538,377 shares during the last quarter. American Century Companies Inc. increased its holdings in Quest Diagnostics by 12.3% during the third quarter. American Century Companies Inc. now owns 3,554,517 shares of the medical research company’s stock valued at $433,153,000 after buying an additional 388,162 shares during the last quarter. Finally, Pathstone Holdings LLC purchased a new stake in shares of Quest Diagnostics in the fourth quarter worth $46,342,000. 88.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DGX has been the subject of a number of analyst reports. UBS Group increased their price objective on shares of Quest Diagnostics from $139.00 to $146.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. SVB Leerink started coverage on shares of Quest Diagnostics in a research note on Monday, February 26th. They issued a “market perform” rating and a $135.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of Quest Diagnostics from $152.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. StockNews.com upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Saturday, June 15th. Finally, Truist Financial upped their target price on shares of Quest Diagnostics from $145.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday, April 24th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $146.67.

Check Out Our Latest Stock Report on Quest Diagnostics

Insider Transactions at Quest Diagnostics

In related news, SVP Karthik Kuppusamy sold 1,760 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $140.00, for a total value of $246,400.00. Following the transaction, the senior vice president now owns 13,435 shares of the company’s stock, valued at approximately $1,880,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.79% of the company’s stock.

Quest Diagnostics Price Performance

DGX stock traded up $0.76 during trading on Friday, hitting $138.96. 908,537 shares of the company’s stock traded hands, compared to its average volume of 727,879. Quest Diagnostics Incorporated has a 52 week low of $119.59 and a 52 week high of $145.62. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.89 and a current ratio of 0.97. The business has a fifty day simple moving average of $138.00 and a 200 day simple moving average of $133.72. The stock has a market capitalization of $15.44 billion, a price-to-earnings ratio of 18.70, a P/E/G ratio of 3.00 and a beta of 0.89.

Quest Diagnostics (NYSE:DGXGet Free Report) last released its earnings results on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.18. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.29 billion. Quest Diagnostics had a net margin of 9.11% and a return on equity of 15.52%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the business earned $2.04 EPS. As a group, research analysts expect that Quest Diagnostics Incorporated will post 8.79 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $3.00 annualized dividend and a dividend yield of 2.16%. Quest Diagnostics’s dividend payout ratio (DPR) is presently 40.38%.

About Quest Diagnostics

(Free Report)

Quest Diagnostics Incorporated provides diagnostic testing and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.

Further Reading

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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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